I have been speaking to people who are about to retire or recently retired…and this is a kind of trend that I am seeing:
a. They have NO clue about how much they will require for a comfortable life ahead.
b. For many of them they say TAX is a big worry.
c. Not enough number of people are worried about Inflation.
d. Nobody, repeat nobody thinks that they will live beyond the age of 85. ‘My parents had a healthy life style…so they lived, I WILL DIE AT 75’ – is the normal answer…
e. Most of them think going to an ‘old age home’ will be a choice
f. Many of them are in denial about needing help to stay alone even in their 80s
g. ‘In my real last days I will live with my kids’ – common refrain. How practical is this, they have no clue.
h. Going to an old age home will be BECAUSE my children do not look after me AND THAT is a social stigma.
i. I looked after my parents, it is my children’s duty to look after me.
j. I will go to a government subsidized hospital – so I do not need medical insurance.
However, even while they are making these tall claims, I am convinced that many of these statements are true, but not practical. A 84 year old believing that he can handle his equity portfolio or even his banking, sounds like a joke. A 70 year old thinking he/ she will walk / take an auto to the market everyday is another joke…but well who said sense of humour has an age bar? it does not.
Post Footer automatically generated by Add Post Footer Plugin for wordpress.